The demand for a product is likely to be more elastic:

a. when the market for a product is less narrowly defined.

b. when a product has fewer substitutes availablewhen a product has fewer substitutes available.

c. the more time that passesthe more time that passes.

d. when the cost of a product represents a smaller share of the consumer's budgetwhen the cost of a product represents a smaller share of the consumer's budget.

e. both a and

b.

Question

Business

Lillian Compton

17 September, 04:58

The demand for a product is likely to be more elastic:

a. when the market for a product is less narrowly defined.

b. when a product has fewer substitutes availablewhen a product has fewer substitutes available.

c. the more time that passesthe more time that passes.

d. when the cost of a product represents a smaller share of the consumer's budgetwhen the cost of a product represents a smaller share of the consumer's budget.

e. both a and

b.

+5

Answers (1)

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Brendan Green · Answer 1

The demand for a product is likely to be more elastic if there is a presence of more time passes which is letter c. As a demand of a product will likely be affected with the price changes over the period of time. It is because a demand elasticity occurs when there is a presence of change in regards to the demand for goods, such examples are the income of the consumer.